Creating Wealth through Real Estate

Homeowners across Greater Vancouver have seen their residences being assessed at values that are slightly higher than they were a year ago, according to BC Assessment data published January 2.

The values posted this week reflect market value as of July 1, 2017. The total value of all Greater Vancouver properties is up 9.9% year-over-year, with a total assessed value of $907.1 billion, compared with $825.2 billion last year. Of this total, $13.2 billion relates to new construction, subdivision, and rezoning.

The average increase varied widely by home type and location.

The increases seen this year were, on average, far less than those seen last year, when assessed values jumped 20-50%.

“The majority of residential homeowners within the region can expect a modest change compared with last year’s assessment,” said Paul Borgo, acting assessor at BC Assessment.

“The single-family home market is very stable, while the residential strata market is quite robust this year.”

In the City of Vancouver, the biggest increase was a 15% jump in the average assessed value of high-rise condos on the east side of the city, from $486,000 last year to $557,000. Westside low-rise condos increased by 10% to $906,000, on average. Westside single-family homes saw a much smaller 2% increase, to just over $2.4 million, and east side detached homes increased 1% to $1.35 million.

One of the biggest increases this year was in townhouses in the Resort Municipality of Whistler. This home type saw, on average, a 30% jump in assessed value, from $673,000 last year to $877,000. Other large increases were seen in Maillardville townhouses (up 22% to $581,000), North Vancouver’s Central Lonsdale condos (up 21% to $484,000), Garibaldi estate condos in Squamish (up 20% to $596,000) and Metrotown-area condos in Burnaby (up 20% to $728,000).

BC Assessment says property assessments are now in the mail. Property taxes payable for 2018 will be based on these assessed values at rates set this spring by each separate municipality. If homeowners have concerns about their assessed values, they are encouraged to contact BC Assessment as soon as possible. To appeal, they must submit a Notice of Complaint by January 31.

More information about this year’s assessments can be found at BCAssessment.ca.